近日，力盛体育发布定增预案（第四次修订稿），公司拟募资不超过3.3亿元，用来建设海南新能源汽 车体验中心国际赛车场项目。 作为中国首家上市的赛车运营企业，力盛体育曾头顶"中国赛车第一股"的光环，却在上市8年后陷入持 续亏损、频繁融资、并购暴雷的争议漩涡。2023年至2025年间，公司扣非净利润累计亏损超3亿元，定 增计划三度缩水，并购标的暴雷导致商誉减值近1.5亿元。这场资本盛宴背后，是战略失误还是其他原 因？ 2021-2024年，公司扣非净利润分别为-0.09亿元、-0.76亿元、-1.96亿元、-0.6亿元，累计亏损达3.4亿 元。力盛体育自2017年上市以来从未分红，未分配利润累计-1.59亿元。 力盛体育上市后三次募资（2017年IPO 1.69亿元、2021年定增3.9亿元、2023年拟募6亿元后缩至3.3亿 元），但募投项目屡现"烂尾"。 如 Xracing（汽车跨界赛）定增项目原定于 2022 年 12 月 31 日达到预 定可使用状态，因发行人拟将部分参赛用车进行电动化改装，达到预定可使用状态日期调整为 2024 年 12 月 31 日。 2021年，力盛体育以1.77亿元收购杭州峻石持有的 ...

Core Viewpoint - The transformation of Donghu Gaoxin after divesting its engineering construction segment has become a focal point for the market, with a strong emphasis on mergers and acquisitions in the digital technology sector as a key development strategy [1][4]. Group 1: Shareholder Meeting Insights - The 2024 annual shareholder meeting attracted over 900 participants, representing 21.99% of voting rights [2]. - The newly appointed chairman, Liu Yang, emphasized that mergers and acquisitions in the digital technology field are a top priority for the company's development, despite the challenges posed by the current market environment [1][4]. Group 2: Digital Technology Transformation - Liu Yang stated that the digital technology sector is the strategic direction following the divestment of Hubei Road and Bridge Group, with initial planning underway and specific implementation paths being developed through the selection of acquisition targets [3]. - The company has evaluated over a hundred potential acquisition targets, focusing on their alignment with the company's digital technology development direction and existing business synergies [3]. Group 3: Mergers and Acquisitions Strategy - Donghu Gaoxin has established three specialized acquisition teams and strict selection criteria for potential targets, emphasizing the importance of practical business applications, technological accumulation, and innovation capabilities [3]. - The current acquisition environment is competitive, with a warming policy landscape but significant challenges in achieving successful cross-industry transformations [4]. Group 4: Financial Performance - In 2024, Donghu Gaoxin's revenue decreased by 77.05% year-on-year, and net profit attributable to shareholders fell by 51.07%, although the net profit after deducting non-recurring items increased by 13.06% [5]. - The company's main business segments now include environmental technology, park operations, and digital technology, with the park operations segment generating revenue of 1.301 billion yuan, a 7.65% increase from the previous year [5]. Group 5: Park Operations and Market Conditions - Liu Yang addressed concerns regarding potential rent or management fee defaults from park enterprises, stating that such occurrences are normal in a fluctuating economic environment, but most companies in their parks are high-growth or high-tech firms [6][7]. - The company is actively upgrading its park operation model, moving away from traditional development methods to enhance service quality and create distinctive brands for its industrial parks [7].

Core Insights - The article highlights a significant decline in financing events and amounts in Shanghai's primary market during Q1 2025, indicating a challenging investment environment [3][6]. Financing Events Overview - In Q1 2025, Shanghai experienced 212 financing events, a decrease of 35 events (14%) from the previous quarter and 108 events (34%) year-on-year [3][6]. - The total disclosed financing amount was 12.874 billion RMB, down 10.946 billion RMB (46%) from the previous quarter and 23.935 billion RMB (65%) year-on-year [3][6]. Industry Distribution - The top financing industries in Shanghai included Intelligent Manufacturing (49 events), Artificial Intelligence (41 events), and Healthcare (28 events), with Intelligent Manufacturing seeing a 4% decline from the previous quarter [3][11]. - The top five industries accounted for 69% of all financing events and 82% of the total disclosed amount, totaling 10.559 billion RMB [8][10]. Stage Distribution - The majority of financing events were early-stage (147 events, 69.34%), followed by growth-stage (54 events, 25.47%) and late-stage (11 events, 5.19%) [16]. - In terms of disclosed financing amounts, early-stage accounted for 6.819 billion RMB (52.96%), growth-stage for 4.375 billion RMB (33.99%), and late-stage for 1.680 billion RMB (13.05%) [16]. IPO Market Analysis - Three companies completed IPOs in Q1 2025, a decrease of 25% from the previous quarter and the same percentage year-on-year [4][30]. - The total amount raised through these IPOs was 2.384 billion RMB, which increased by 136% from the previous quarter but decreased by 55% year-on-year [4][30]. M&A Activity - There were 12 M&A events in Q1 2025, down 25% from the previous quarter and 54% year-on-year, with a total disclosed amount of 2.251 billion RMB, a decrease of 51% from the previous quarter and 89% year-on-year [4][30]. Investment Institutions - A total of 267 VC/PE institutions participated in investments, a decrease of 7% from the previous quarter and 32% year-on-year [24]. - The top five VC/PE institutions by number of investment events were Qiji Chuangtan (10), Pudong Venture Capital (6), Hefei Industrial Investment Group (5), Sequoia China (4), and Yida Capital (4) [25].

美国几乎要把芯片战的工具箱用尽了。这回传言祭出的是有"芯片之母"之称的EDA软件禁令。没有EDA，也不会有芯片的设计、制造、封装。一周前，小 米设计出的3纳米SoC玄戒o1问世。 但禁令仍然只是尚未证实的传言。FT援引几位知情人士的话称，美国商务部主管出口管制的工业和安全局（BIS）以信函（letters）的形式，要求 Cadence、Synopsys和Siemens ED停止向中国提供技术。路透社则援引两位知情人士的话称，上周五，多家EDA公司收到信函，仅在获得许可证后，才能 向中国客户服务。有关禁令的更多细节阙如。暂不清楚信函发往了个别企业，还将是整个行业都必须遵守的；也暂不清楚遭到禁止的究竟涉及到哪些芯片 类型或技术路线。两家媒体都在一定程度上怀疑，这是美国在对华暂缓对等关税的谈判期的筹码。目前，相关公司的中国业务仍在正常进行，各公司仍在 等待更多明确信息。 不管怎么说，这些都不再是空穴来风。中国的EDA龙头企业，正在加快并购，谋求平台化，构建更完整的解决方案。 整个EDA行业的股价"东升西降"又上演一回。Cadence、Synopsys等美国EDA巨头股价跌去了10%左右；华大九天、概伦电子这两家中国 ...

一级市场热门地区主要为： 江苏（106个）、广东（94个）、上海（88个）、浙江（80个）、北京（75 个） 。 阶段分布上：早期（497个）、成长期（107个）、后期（28个）。 以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 2025年4月观察&综述 睿兽分析数据 显示， 2025年04月中国一级市场发生融资事件 632 个 ，比上月增加 24 个 （ 4%） ，比 去年同期减少 221 个 （ 26%） 。已披露融资总额 270.45亿 元人民币，比上月增加 68.23亿 元人民币 （ 34%） ，比去年同期减少 68.15亿 元人民币 （ 20%） 。 2025年04月，热门融资行业主要为： 智能制造（176个）、医疗健康（85个）、人工智能（79个） ，其 中智能制造行业较上月上升较多 （ 21%） 。 2025年04月，全球大额融资事件新增41个，其中中国新增9个。 全球独角兽企业新增5家，其中中国无新 增。 2025年04月，投资活跃的机构主要为： 麓山投资（12个）、工银 ...

Core Viewpoint - AbbVie is navigating challenges from the loss of exclusivity of its blockbuster drug Humira, but it is successfully replacing its revenue with new drugs Skyrizi and Rinvoq, which are showing strong sales growth and have a promising pipeline ahead [4][10][20]. Group 1: Stock Performance and Market Conditions - AbbVie stock has declined 12.6% over the past three months and is trading below its 50-day and 200-day moving averages, largely due to broader macroeconomic uncertainties [1] - The U.S. and China have imposed high tariffs that have negatively impacted global stock markets, although these tariffs are currently on pause, the uncertainty remains [2] - AbbVie has outperformed the industry and the S&P 500 index, gaining 5% so far this year compared to a 3% decrease for the industry [12][14] Group 2: Product Performance - AbbVie lost patent protection for Humira, leading to a significant decline in its sales, which dropped almost 50% in Q1 2025 due to biosimilar competition [4][10] - Skyrizi and Rinvoq generated combined sales of $5.1 billion in Q1 2025, reflecting over 65% growth, particularly strong in the inflammatory bowel disease market [5][6] - AbbVie expects combined sales of Skyrizi and Rinvoq to reach approximately $24.7 billion in 2025 and over $31 billion by 2027, driven by market share gains and new indications [6] Group 3: Pipeline and Acquisitions - AbbVie has a robust pipeline with several early/mid-stage candidates that have blockbuster potential, expecting multiple regulatory submissions and approvals in the next 12 months [7] - The company has been active in acquisitions, signing over 20 early-stage deals since early 2024, enhancing its pipeline in immunology, oncology, and neuroscience [9] - AbbVie is entering the obesity treatment market with the acquisition of rights to develop GUB014295, marking its expansion into a new therapeutic area [9] Group 4: Future Outlook - AbbVie anticipates a return to robust revenue growth in 2025, driven by its ex-Humira platform, which saw over 21% sales growth in Q1 2025 [20] - The company expects mid-single-digit revenue growth in 2025 with a high single-digit CAGR through 2029, supported by strong performances from Skyrizi and Rinvoq [21] - Rising earnings estimates and a solid pipeline provide a favorable outlook for AbbVie, making it a stock to consider for long-term investment [22]

Core Viewpoint - The silicon industry is currently undergoing a deep adjustment phase, and the company is cautiously considering acquisition opportunities that align with its main business direction and have strategic synergy value [1][2]. Group 1: Industry Trends - The company acknowledges that many enterprises, including itself, are mitigating cyclical impacts through production control, technological upgrades, and financial optimization [1]. - There is a strong willingness among relevant parties, including regulatory bodies and industry associations, to explore various solutions for the challenges facing the photovoltaic industry, indicating a commitment to achieving healthy development [2]. Group 2: Company Performance - In Q1 2025, the company's cash cost for silicon materials was 36.82 yuan/kg, with a unit cost of 53.08 yuan/kg, and it plans to continue reducing costs through optimization of procurement and digitalization [2]. - The company expects a production volume of 25,000 to 28,000 tons in Q2 2025, with an annual total production forecast of 110,000 to 140,000 tons for the year [2]. - The company has signed long-term contracts for silicon materials with major downstream clients, and these contracts are being fulfilled normally [2]. Group 3: Financial Results - For the year 2024, the company's revenue was 7.411 billion yuan, a year-on-year decrease of 54.62%, with a net loss of 2.718 billion yuan, a year-on-year increase in loss of 147.17% [3]. - In Q1 2025, the company's revenue was 907 million yuan, a year-on-year decrease of 69.57%, with a net loss of 558 million yuan, a year-on-year increase in loss of 268.78% [3].

Summary of Key Points Core Insights - In April 2025, China's primary market saw 632 financing events, a 4% increase from the previous month but a 26% decrease year-on-year. The total disclosed financing amount reached 27.045 billion RMB, up 34% month-on-month but down 20% year-on-year [2][3]. Financing Events - The top industries for financing events were smart manufacturing (176 events), healthcare (85 events), and artificial intelligence (79 events), with smart manufacturing showing a significant month-on-month increase of 21% [2][5]. - The leading regions for financing events included Jiangsu (106 events), Guangdong (94 events), Shanghai (88 events), Zhejiang (80 events), and Beijing (75 events) [11][13]. - The distribution of financing events by stage showed early-stage investments dominating with 497 events (78.64%), followed by growth stage with 107 events (16.93%) and late stage with 28 events (4.43%) [15]. IPO Activity - In April 2025, 23 Chinese companies completed IPOs, a decrease of 8% from the previous month but an increase of 44% year-on-year. The total amount raised was 10.304 billion RMB, down 43% month-on-month but up 98% year-on-year [29][30]. - The majority of IPOs were in traditional industries (7 companies), followed by consumer (3), smart manufacturing (2), automotive (2), and finance (2) [32]. M&A Activity - There were 15 M&A events in April 2025, a significant decrease of 53% from the previous month and 85% year-on-year. The total disclosed amount was 454 million RMB, down 60% month-on-month and 99% year-on-year [37][38]. - The top industries for M&A events included logistics and warehousing, finance, traditional industries, energy and power, and enterprise services, with finance leading in transaction value at 300 million RMB [38]. Global Financing Trends - Globally, there were 41 new large financing events in April 2025, with China contributing 9 events, accounting for 22% of the total. The disclosed financing amount from China was 13.385 billion RMB, representing 4% of the global total [18]. - No new unicorns were added in China during this month, while globally, 5 new unicorns were reported [23].

在职业价值导向层面，上海交通大学上海高级金融学院2024年毕业典礼上，学院负责人在致辞中 寄语毕业生：不要因为从事金融行业而产生羞耻感…… 无独有偶，在全球经济结构深度调整的背景下，美国近期出现对金融行业价值导向的反思性讨论。 特朗普在高校毕业典礼致辞中呼吁这些商科高材生们放弃看似 "高大上" 的金融领域。他指出青年 人才应避免过度聚焦金融投机领域，转而关注实体经济领域的价值创造。 本期导读： 当下，金融行业面临的问题之一就是过去金融的繁荣，使得就业者暴增。如今行业面临压力，金 融行业精英们正经历一场"上山下乡"运动，核心是转哪行？ 作者丨 范译阳 本期推荐阅读5分钟 57年前，中国城市曾面临青年就业结构调整，大量中学毕业生的职业路径与城乡资源分配议题引 发社会关注。1968 年，知识青年参与农村建设的相关举措成为特定历史时期的社会现象，1975 年 全国参与相关实践的青年人数达 236.8 万。1980 年随着改革开放后城市经济活力增强，相关政策 逐步调整，城市就业机会逐渐增加。这一历程成为一代人特定代际的集体记忆。 回到金融行业生态，当下， 金融行业面临的问题之一就是过去金融的繁荣， 使得就业者暴增。据 ...

Investment Rating - The report indicates a focus on improving the M&A environment in Japan, suggesting a positive outlook for the market [6][29]. Core Insights - The report highlights the ongoing commitment of Japanese regulatory bodies to enhance the M&A landscape, with significant revisions to corporate governance expected in the coming months [6][29]. - The report emphasizes the importance of protecting minority shareholders during M&A transactions, which is seen as a critical factor for accelerating M&A activities in Japan [6][29]. - The report notes that the recent increase in share buybacks has led to a rise in total dividend payouts, indicating a positive trend in corporate capital return strategies [18][19]. Summary by Sections Market Overview - The TOPIX index is currently at 2,735.52, reflecting a slight decrease of 0.2%, while the NK225 index is at 37,160.47, down by 1.6% [1]. - Key sectors performing well include non-ferrous metals and pharmaceuticals, while insurance and glass & ceramics are lagging [1][20]. Corporate Actions - There has been a notable net purchase of TSE Prime cash stocks by foreign investors amounting to ¥597 billion, while individual and institutional investors have net sold ¥222 billion each [3]. - The report mentions that the total amount of share buybacks announced in the second quarter has already surpassed the total for the entire second quarter of the previous fiscal year [2][13]. Earnings and Forecasts - The report provides earnings per share (EPS) forecasts for FY24 and FY25, with expected growth rates of 10% and 2% respectively [25][30]. - The average exchange rate assumptions for the yen against the dollar are set at ¥145 for FY25, indicating a potential impact on export-oriented companies [11][29]. Sector Performance - The pharmaceutical sector has shown a 3% increase over the past week, while the defense sector has also performed well with a 3% rise [20]. - The report lists various sectors with their respective performance metrics over different time frames, highlighting the best and worst performers [21][66].